Iron ore concentrate prices witnessed a downward trend this week amid a correction in pellets prices. SteelMint’s index for Fe 63% concentrate prices currently stands at around INR 2,950/tonne (t) exw, down INR 100/t as against the last assessment on 15 October, 2022.
Meanwhile, deals of around 40,000 t were heard at around INR 2,900-3,000/t exw this week, which was taken into consideration in the T1 trade of the index.
“Iron ore concentrate prices have witnessed a downfall following a significant drop in pellets prices,” informed a Jabalpur-based seller.
Also, SteelMint’s bi-weekly domestic pellet (Fe 63%) index, PELLEX, stood at INR 8,000/t DAP Raipur down by INR 150/t compared to the last assessment on 14 October, 2022. The index fell to over a three-month low as per data maintained with SteelMint. The lack of deals and competitive lumps offers from nearby states kept the buyers’ bids lowered.
Outlook
Iron ore concentrate prices are expected to remain supported after the end of the monsoon. However, the deciding factor could be the movement in pellet and iron ore prices.
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